Text Loans @ txtloan ltd.

Company Name: txtloan ltd.
Site Description: Ultra fast cash loans from TxtLoan. Easy loan online or by SMS text message!(as on the lender website).
Website: txtloan.co.uk

TxtLoan Text loans Features

Maximum loan amount: £100
First loan amount: £100
Typical APR: 894%
Finance charges: 10% for 7 days

TxtLoan Text loans Eligibility

Must have a valid bank account that can receive direct debit
Must be at least 18 years of age
Must be employed and receive a regular pay cheque or salary at least £400
Must be a resident of the United Kingdom
Must have a mobile phone and an email address

Our Review

Unique SMS loans (text loans) feature. Give customers the feature of registering once and then applying through their mobile phones. They may require some faxes for the first time registration in a few cases.

To know more about this lender do a quick search in the consumer forums of UK and hear what people have to say about it.

55 comments

hi! I'd like to thank everybody at text a loan. I applied for a loan and got approved. The whole process took 5 minutes and money went straight in. What a great service. Thank you. Would recommend u anytime.
Russ.

Took payment from a card which I had changed with them. Wouldn't sort it and then tried to take payment from the new one and the old one. Don't touch them they won't answer the phone or emails.

I applied for a loan with them last Monday, it has take them all week to sort out their checks for security saying that my works e-mail was not valid, then it was the works phone! We have e-mail, spoken on the phone, you have debited my bank card with the £1! It is now Saturday morning and i have just mailed them to tell them that their service is terrible and a failure and that is way to much hassle for 100 quid... think i will wait for payday and get to keep hold of an extra £10 instead of paying it to txtloan

i applied for a loan with txt loan and was approved on 20/05. they put the money in my account on 21/05 and said repayment was due 29/05.

today 29/05 checked my bank account and saw one payment had been taken of £110 so thought everything was fine.

however at about ten past midnight tonight, received an email from them saying they had been unable to take payment of £110 on the 29th (?) and so were adding a £25 charge and will be taking £135 on afternoon of 30/05. i checked my account out of interest and found that they have taken 2 payments of £110!! so have repaid £220 when in fact i should only have repaid £110 and they have the audacity to say they couldn't obtain repayment!!!

i am absolutely fuming. cant get through on phone so have emailed them. they had better give me a refund of £110 or i am taking them to the Ombudsman.they had better not try and take £135 out tomorrow as well.

Waste of Time!!

Turned me down without any explanation and wouldn't even refund my £1 - Rubbish!!

Dear Sarah

the £1 you think was taken from you is in fact required by your bank for companies when they attempt to verify your details. Think about it why would a loan company require you to have money when you are trying to get a loan???? its not rocket science really........your bank books the one pound and when the company ''successfully'' validates your details your bank releases them- again think about it how could a firm possibly take a pound from your account by checking if the card is in fact registered to you????

Dear Sarah,

Just so you know your bank requires you to have £1 not the loan company or any other firm. Certain banks require clients to have at least £1 on their account. This amount is not taken but only booked then released when for example txt loan has tried to validate your details.

i completely agree with comment number 1. they took a £1 charge then declined me without an explanation. I rang them and emailed them and all they said was we couldn't verify your details.... erm hello you rang my phone spoke to me and then took money from my account but you still don't know its me

We are sorry to hear that your application was turned down. In order to protect borrowers and to ensure we are lending to those who can afford our service we adopt the following approach to lending:

1.) We do not lend to those who have had CCJ's or have been made bankrupt in the 18 months prior to the loan request
2.) Only those who can demonstrate employment or regular income (e.g. self employed) above £400 a month are eligible
3.) We have policies in place to avoid the "debt spiral" - borrowers cannot use a new loan to repay an existing debt that they have with us, often referred to as "Rolling of Loans"
4.) We do not encourage borrowing to meet non essential requirements
5.) The service is currently only available to UK residents who are 18+

Government authorities and Citizen's Advice Bureau have set certain guidelines for responsible lending and we promote our responsible lending guidelines on our website. If you think your application was mistreated, please write to us at: https://txtloan.co.uk/contact/ quoting 'instantcashsolutions'.

TxtLoan CR

Something does not seem right here. I do not know how it is possible that you complain that Txtloan have taken money from you for applying and haven't paid it back because you were rejected. I used this company recently and the client center girls told that registration fee has not been gathered for months now.

txt loans is a gret compay ive been a coustmor over 8 months and never had a problem with theam they a good service

I've also been using them for months and never had any problems. Few times been late with payment but when notified txtloan in advance they froze all charges until my bank had sorted my new card. They refused to give another loan until I paid back the old one but I can understand why they do that.

Took £1.00 the declined.

Plus just like many other payday loan compaines they seem to be operating from the same address.

145-157 St. John Street London.

Just imagine HBOS and Nationwide sharing the same address.

They are making up their APR again, it was (incorrectly) advertised as 994% (see this video at time 0:04 http://www.youtube.com/watch?v=xTLVogT8qLo ), now they are advertising it as 894% on their website (it used to be advertised as 994%).

The charges have not changed so I guess they make up the APR numbers as they go along? Maybe next week the APR will be 794%?

When is text loans going to put up the real APR of 14000% ? When are they going to show how they reached the 894% or 994% figure?

Given that they can't do their sums, better go else where where they can get their sums right.

Who cares about your APR mumbo jambo, it's costs me £10 and it works. You must be their jealous or nervous competitor or something. Get real buddy!

maybe other providers are cheaper, APR is designed to help you compare different loan providers, lets say that another provider charges 2000% APR, and text loans charges £10, which do you use? which is cheapest?.

i have borrowed off this lender and they are exceptional there customer service team are polite and i have no problems what so ever with them, i recently became a new father and my pay was not put into my account as usual i was due to pay my loan back 3 days prior to the day i did and they understood my circumstances and did not add any further costs i am now a vip customer and am still using there services....... thanks txt loan Mr Robinson

I got a loan, and subsequently lost my card which I of course cancelled with my bank. I immediately told TXT Loan and advised I probably would not have a new card befire the loan was due to be repaid. Their reply: "Thanks, please advise when your new card is activiated, but we will continue to add charges for each day we are unable to collect the payment". Now there is no way this is fair practice and I am quite sure that if it came down to a legal battle these charges would be written off as unfair. Anyway, I have since gone bankrupt and the whole loan has been written off.

I got a loan from these ppl last month. A few days b4 my payment was due I received an unexpected leccy bill which i had to pay 4 obvious reasons.
I emailed txt loan 2 explain my situation and told them i would pay the full amount plus any extra costs i would incur the following week. This amounted to £180.
When i instructed them the following wk to take the money from my account, they took it out of my account then said my payment was deferred!! I hav now had a call from their debt collectors demanding the £180 which i have already paid!! It is not fair, i have given them the money and it wasn't even a month b4 they passed me on 2 a debt collector.
These ppl just want 2 steal your money. i have emailed them twice explaining i have paid but have heard nuthing back! Hmmmmm....

Dear rollerpin7,

I am sorry to learn that you have experienced difficulties using our service. It is often the case that people use our service because of unexpected utility bills, so it is unfortunate that you faced one of these on top of an existing TXTLoan repayment.

In regard to your subsequent complaint about our service, we cannot find any record of an outstanding balance being requested twice - nor do we believe that this is possible. Nevertheless, we are more than happy to discuss this situation with you in detail. If you e-mail us at info@txtloan.co.uk with your relevant account details and paste the url of this discussion in the main body of text, we will investigate your complaint and get back in touch with you as soon as possible.

Many regards,

TXTLoan Customer Relations

Hi....
After reading all the previous statements regarding this company(TXT FOR A LOAN)....I have had nothing but good experience with them, avoid payong £1 charge by rquesting loan on-line, money in account in minutes !!!

I am very pleased with the level of service txt loan have given me i havent had any problems with them and they have certainly kept this customer satisfied...thanks txt loan.

I've used this company a number of times over the past 4 months. I don't know if the APR is 900% or 9000% thats not the point. I sometimes need 100 pounds extra for a few days and its the 10 pounds they charge that i worry about. its quick and easy.

If other loan providers charge 30% a month and the APR is 2000% how can you charge 40% a month and have an APR of 994%? Your APR has to be more than 2000%.

stay well away i lst my card andhad to cancel it. everytime i tried t contact txtloan to let them no there was no luck. they are just money grabbers who pray on vunrable people. the best thing to do i struggle till pay day or you will be living off loans all your life!!!!!

As part of being a responsible lender, we not only verify that each and every customer is receiving a regular income but also we keep things simple by ONLY lending £100 for 7 days at a cost of £10. No more. No less. TxtLoan Team.

Your customer complained that "i tried t contact txtloan to let them no there was no luck" - why don't you try to address their complaint instead of rambling on about you being a responsible lender etc...

We would like to thank our customers for writing on this site.

As you know, we are transparent with our fees which cannot be said about most companies operating in the short-term lending space.

We believe that TxtLoan offers good value for money and hope that those of you who are happy with our service will continue telling others about us.

Thank you.

TxtLoan Team

I am pretty sure that the 994% APR is incorrect, at a basic level the loan is 10% interest per week, and the calculation is as follows:

1.10^52=143.99 which equates to 14399% APR (yes 14 thousand percent).

If you borrow £1 and pay back 10% after a week (£1.10) and then borrow £1.10 after 2 weeks you would have to pay back £1.21, week 3 £1.33, week 4 £1.46, week 10 £2.59, week 20 £6.72,? week 30 £17.45 and week 52 £142 (one hundred and 42 pounds) for having borrowed £1 in week 1

Using your logic: 1.1^52= 142.04 * 100 = 14,204 %APR, if I borrow £100 for 1 week for nothing the formula is
1.0^52=1 * 100 = 100 %APR

yes you can borrow £100 for a week pay back £100 and according to the APR formula it has cost you 100%, which is why APR as a calculation for short term loans is nothing more than confusing.

Very good, you have spotted a mistake in my calculations, let me correct my self:

the calculations should be 1.1^52 - 1 = 141.04 141.04 * 100 = 14,104 %APR

and therefore if there is no interest:

1^52 -1 = 0 0*100=0% APR

So my original calculation was out by 100%, you only charge 14104% APR (not 14204% APR). I apologise.

I accept that your pricing structure is clear but the APR is still incorrect and therefore is misleading and creates unfair competition when consumers compare your loans to other companies who charge 2000%APR for a 1 month loan (their calculations are correct).

So please tell me how you reached the 997% APR figure?

It is a shame you had the sum slightly wrong as you allowed these cowboys to come out with their nonesense that APR is not relevant. Whether it is relevant or not what they quote is wrong.

It is shocking that the BBC and the Guardian have been unable to pick them up on their 14,000%+APR. Actually I believe it is much, much higher than 14,000% because you ought to include the £1 registration and up front £1 charge every time you borrow which effectively means you are paying £12 for £98 borrowed.

I did do the sums to see what happens if you cannot repay immediately. After penalties etc. they want £200 when you get to 24 days - believe it or not that is 3 and 3/4 million% APR! Some people might described that as your te***les in a vice but it hardly seems legit.

I was not sure is the sign up fee should be included or not as it is only required for the first loan (I think) so if you have many loans that £1 is diluted across loans of loans therefore reducing the APR to 14000%.

All financial companies make a disproportionate profit on penalties for late payments because people don't compare the penalty fees between companies. (for example those paying overdraft penalty fees pay for my free banking, that's like taxing the poor to pay for the rich, enough to make any right wing capitalist blush - btw i have never paid an overdraft charge)

It is important though that all the information on fees, APRs penalties etc.... is accurate therefore I have submitted a complaint to the company in question.

Our 994 %APR is correct and it has been reviewed by the Office of Fair Trading.

Our service is straightforward and fees transparent. %APR is not a good measure for short-term loans like ours. Next time you use a cab, why not calculate how much it would cost on annual level. This would be more interesting reading.

If 994% is correct please show how you got to that number (it is also possible that the OFT is wrong). I am not saying that 994% of 14000% is high or low, I'm just saying that I believe that your mathematics is incorrect.

Given the administrative overheads, £10 does not sound unreasonable for an instant loan like yours, but if we are going to have APR displayed then please make sure that it is calculated correctly (and if people question your APR then show your calculations - as I did).

PS If you APR was 994% you should be charging £4.50 for a one week loan of £100 - calculation as follows (994/100)^(1/52)=1.045 i.e. 4.5% per week.

Please do not bore to death the good readers of this website.

Over 90% of our clients pay back the loan in 7-days so the whole APR discussion is to an extent irrelevant. We charge £10 for £100 borrowed for a week. That is the only product we have so no point of comparing apples and pears. If you wish to continue APR discussion, please write to us: info@txtloan.co.uk

We are able to keep our fees very competitive due to the high level of automation and sophisticated interfaces.

Not sure how OFT approved it, but if 1 month loan show an APR of around 2000% for 30% for a month, your APR should be much more (since you charge 40%). Though I buy your argument about the cab fare. Only question, if other lenders can afford to lend at 20% a month profitably, why do you have to charge more? More greed??

If you are having difficulty understanding how and why the Office of Fair Trading approved TXTLoan's APR of 994%, rather than make up calculations as to how you think APR should be calculated - regardless of whether or not it makes sense - you should go directly to the source for information (that means the OFT). Here's a link to the statutory calculation of APR:

http://www.oft.gov.uk/shared_oft/business_leaflets/consumer_credit/oft14... (page 9)

As for the whole issue of APR in respect to TXTLoan, I think the argument entirely misses the point. TXTLoan does not intend to provide long-term loans - the APR calculation is probably there for legal reasons more than anything as TXTLoan wants the short-term loan repaid in 7 days. 994% or 14,000% would both lead to massive figures over a year, but I don't think this is quite how TXTLoan operates.

I have used this service on numerous occasions recently. Initially my Bank card was due to expire hence why my initial application was refused. On updating my details a few months later out of interest rather than requiring funds - one phone call later all was well for me to start borrowing. I find the service easy and quick to use as everything is online and if i perhaps am unable to repay in time, I have replied to e-mails advising when I can make the payment and how much it will be. I always receive an e-mail within the hour letting me know how much will be due on that date. The beauty of these loans are no matter what time or day, you can simply go online and request the funds. Much easier than any other sites I have used.

I've used these for a while now and never had any problems, I bank with Barclays and get the money within 10 minutes everytime - as long as you make sure you pay it back on time this is a brilliant service

A great service, £100 loan in less than 10 minutes. I pay more back if i borrow from my brother. You can get around the £1 fee by applying for loans on line.

I am recently going through problems with txtloan,they took 110 pounds from my account plus a 25 pound overdue fee which they were not entitaled to as the money they requested from me got frozen through no fault of my own,i sent them all the relevant proof that they requested that the money was avaliable,they inccured a bank charge on my account and kept the 25 pounds they had agreed to give back due to their error,i have now informed them that i will be taking matters further,stay away from this company!

I was sceptical about this company at first, but decided to give them a chance anyway as the thought of having £100 at my fingertips should I ever need it was a safety net - you never know what might happen! After intial sign up, I didnt really have any problems, the money was deposited straight away and always has been since I started using them. I dont mind paying just £10 for borrowing £100, I pay my brother more back!! Overall a very good and innovative service.

I was at first declined about 6months ago.Then recently reapplied and was accepted.Post above is correct the 1st loan can take a day or 2 if outside office hours but yesterday I took my 2nd loan with them and took 10mins to appear in my account. I wish they would offer the oppotunity of a 2week loan though!

I applied with this company, they took the 1.00 fee from card and declined me but they offer loans to consumers regardless of credit status. I shall not bother with them again!

Text loan is very helpful .i got the money within minutes into my account and it was sooo helpful when we r in-need of money..excellent service..email responses are very fast too.Good customer service..thanks

This company is a fucking joke dont go with them they run a credit check on you at least 3 times in a month and they pass your details to other lenders. I received at least 6 calls a day from other people selling windows , loans, insurance, etc had to get my number changed at the end. Then they phoned to say i have accrued 40 in charges because the loan was 1 day late repaying back DONT GO WITH THIS COMPANY, THE STAFF DONT WANT TO KNOW ANY OF YOUR PROBLEMS. THEY JUST HANG UP.

I applied 2 days ago for a txt loan, they have not rung me or attempted contact, they did try to contact my employer out of work hours an obviously they could not get through, I expalined the best time to ring my work yet again , still they phoned when the work closed, they then requested I copy my card front and back and fax it to them and send in 6 months bank statements, I decided not to and asked that they cancel stating I had been accepted elsewhere even though I hadnt applied anywhere else, just wanted them off my back, and they sent me back an e-mail saying I had been declined, however since I gave them my details I have had at least 30 e-mails 15 calls to my landline and the same to my mobile offering me loans of all sorts, numbers that are the same and ring several times aday even when I ask them not to, txt for a loan have got to have passed on my details, how dare they,

At first I thought txt loans were great. Then they took the money for loan out two days before it was due and didn't advise of this, which caused direct debits to be returned ending up with me receiving bank charges! They then denied taking the money from my account, even though I sent them my bank statement which clearly showed they had! ( The bank statement was sent 1st class but somehow took two weeks to be received by them!!) I contacted my bank who were very helpful and agreed the money had been taken from my account and paid to them and gave me the code they needed to take money from my account, but Txt loan still denied taking the money. They then tried to take 200.00 my account, but luckily my bank refused the transaction and Txt loan are still denying any payment has been made.

TxtLoan response 1.) We do not pass any customer data to anyone - this is illegal and would put at risk our whole company since we are governed by Office of Fair Trading. 2.) We have very clear and transparent charges as part of our Loan Agreement, 40 pounds for 1 day is not correct. 3.) Why would we hang up on our customers? Why? All and all, what would we benefit from passing on our clients details to some window company and why would we charge fees which are not part of our agreement. Make your own conclusions of the integrity of original comment by someone who do not exist in our database? TxtLoan Team

Joke of a company. Got accepted, then they tried to take the money out of my account two days earlier than they said they would. I tried to conact them and got ignored. They charged me so much for the two days they tried to take the money out that when they finally took the loan back they withdrew over £200 from my bank account. Stay well clear !!!!!!!

Money took over a week to appear in my bank account!! Rubbish customer service!!

This Txtloan is completely new service in the UK and I have taken couple of times 100 quid loan from them by sending a text message! It is very convenient, all you do it text from your mobile phone and their system transfers somehow the money in your bank account instantly, like 5 seconds later. I do not understand how they are able to do it so quickly but in a way, I don't care as far as I get it. Last time I took a loan at the pub, Friday evening after 10 pm, went to cashpoint 15 minutes later and hey presto. Recommend highly.

Hi Steve, Just read your response to Loans@txtloan ltd blog online following your recent borrowing. I was wondering if my banking details would be required at any point in tyme and how genuine this company is. Thanks you

They took £1 registration fee from me but I did not get the loan until next morning. When asked, I was explained that they need to verify my employment status and hence was not able 2 give out the money. I have taken another loan from them now and it actually works very quickly, but you have to sign up first and be approved, otherwise don't expect the get anything outside the office hours.

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Text Loans @ txtloan ltd.

TxtLoan Text loans Features

TxtLoan Text loans Eligibility

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